continued Cryptocurrency wave of losses Which started since December of last year, bringing market losses to more than 271 billion dollars in the first week of the new year.
These losses come after the minutes of the latest meeting of the US Federal Reserve showed its inclination towards a more hawkish policy and expectations of raising interest rates sooner, which limited investors’ appetite for more risky assets.
Cryptocurrencies plummeted as the cost of borrowing rose and central banks raised interest rates. Bitcoin hit a record high of $69,000 in November trading.
In terms of trading, and during the trading of the first week of 2022, the market capital of cryptocurrency decreased by 12%, to lose about $271.8 billion of its value, after it fell from the level of $2236.6 in transactions at the beginning of the year to the level of 1964.8 billion dollars in today’s trading.
As for “Bitcoin”, it witnessed a 10.3% decline, losing about 4753 dollars, after its price fell from 46,147 dollars at the beginning of trading last week to about 41,394 dollars in today’s trading. And its combined market value fell by 10%, recording losses of $87.5 billion, after its combined market value dropped from $874.4 billion to about $786.9 billion in today’s trading.
The “Ethereum” currency recorded losses during the last week’s trading by 15.2%, losing about 567 dollars, after its price fell from the level of 3730 dollars to about 3163 dollars. Its combined market value also declined by 14.7 percent, losing about $65.2 billion, after its market value fell from the level of $444.3 billion to about $379.1 billion.
While the “Tezer” currency, which ranked third among the largest currencies by market value, stabilized at the level of $1. It recorded a total market value of about 78.43 billion dollars.
The “Binance Coin” currency, which is the fourth largest digital currency by market value, incurred losses during the last week’s trading by 14.7%, compared to losses of 6.4% during the past hours, to be trading today at the level of $440.25. The total market value also fell to the level of 73.86 billion dollars.
As for the “teezer” currency, which ranked fifth among the largest currencies in terms of market capitalization, it settled at the level of $1. It recorded a total market value of about 43.208 billion dollars.